The growing foreign interest in Pakistan’s developing economy, particularly in areas like banking and capital market, is well reflected in the Karachi Stock Exchange, which has been rising for the last couple of weeks. This is primarily evident from the increased inflow of foreign portfolio investment into Special Convertible Rupee Account (SCRA) managed by the State ...
MCB Bank’s GDR was formally listed at the London Stock Exchange on Tuesday. MCB Bank is the first company of Pakistan to get listed on one of the oldest stock exchanges of the world. Last week, MCB successfully issued 8,622,100 Global Depository Receipts (GDRs) worth $151 million to international institutional investors. The GDR issue attracted over $700 million ...
Four parties including Engro, Fauji Fertilizer Company (FFC), International Petroleum Investment Co (IPIC) and Orascom are interested in installing a new urea plant in view of growing demand of fertilizers in local market. Currently, Engro and FFC are the major urea producers in the country while remaining two companies are comparatively new in urea production business. “Engro ...
A trade delegation from China visited PSO House on Tuesday and during discussions with the management of the company expressed interest in setting up a refinery in Pakistan. The team headed by Yang Hansheng was accompanied by Director Refining, Ministry of Petroleum, Muhammad Azam and officials of the Chinese Consulate, said a PSO press release issued ...
The Karachi Stock Exchange would remain closed on Friday, October 20, 2006 on account of Jumma-tul-Wida, an official press statement said here on Tuesday. It added that the exchange would also remain closed from October 23 to October 26 on account of Eid-ul-Fitr. The exchange will, therefore, reopen either on Friday, October 27, or Monday, ...
Forty-six-year-old Nafisa Dada has been playing the stocks for nineteen years now. And she has no regrets. Sitting over a computer in a room at her apartment, she manages both home and her trading, making sure one does not affect the other. Dada trades online now, not like the old days when orders had to be ...
JP Morgan is planning to re-open its equity business in Pakistan, the first foreign brokerage to return since they abandoned the South Asian nation in the early 2000s, sources familiar with the development said. The No.3 US bank shut its Pakistan equity broking arm five years ago as part of a consolidation plan. “JPMorgan will be ...
MCB Bank officially announced on Wednesday that it has successfully raised $150 million (Rs9 billion) through the issuance of 8.622 million shares in the form of Global Depository Receipts (GDR), to be listed on London Stock Exchange. Each GDR represents four underlying equity shares, priced at $17.40 (Rs264 per equity share). This landmark transaction represents the first ...
President National Bank of Pakistan Syed Ali Raza has said the bank has planned to issue global depository receipts (GDR). Talking to journalists at an Iftar party on Tuesday, he said the amount and timing of the GDR would be decided by the government, keeping in view the market conditions. However, he categorically said the amount raised ...
Modaraba companies want to expand their businesses by following recently promulgated non-banking finance companies (NBFCs) rules by the Securities and Exchange Commission of Pakistan. Sources of Modaraba Association of Pakistan (MAP) said on Tuesday that the first meeting of newly elected Executive Committee of the association has decided to approach the SECP for extending the scope ...
